The Benefits of Cloud Accounting
- October 20, 2022
Cloud-based accounting software has changed the world of accounting and managing finances for small and medium enterprises. Offering an easy and smart solution for accessing business accounts in one place. For small businesses, in particular, cloud accounting software offers a wide number of benefits.
What is the cloud?
Before we delve into the many reasons why cloud accounting is beneficial for businesses, allow us to explain what this is. Firstly, if you haven’t heard of cloud accounting software or have experienced using this in the past, you may be wondering what exactly is the cloud?
The cloud is simply a term coined to describe the many things you can access remotely over the internet.
When it comes to using a cloud-based accounting software, all your business books are held online. Making these accessible from anywhere, whether that is a mobile device, any web browser, or as an app downloaded onto your chosen device.
Saves time for business owners
Accounting software, like Xero, connects seamlessly with your online business banking account. All data regarding sales, income, purchases and more will be directly transferred into the cloud software, removing the need for many hours of manual data entry and filtering through transactions. For small business owners this is incredibly valuable. Where hours may have originally been spent trawling through bank statements, with accounting software, this time can be spent elsewhere. As a business owner you can savour valuable working hours growing the business and reaching out to new customers, clients and partners.
Access your data at any time
The accessibility and flexibility of cloud-based accounting software means you can access your business accounting data from work, at home or on the go. This also allows you to gain regular information that is up-to-date and accurate, again helping you save time.
In a time when remote working is more popular than ever, having access to this data from anywhere makes it convenient for small businesses to work from anywhere in the world, with ease.
All data is backed up automatically
Since cloud software is regularly updated automatically, all your data is backed up, without you having to install any new updates or backing up your data manually. This removes the worry of losing vital data that may have become an issue in the past with outdated systems that do not work on the cloud.
Your data is protected with secure cloud security
Putting such valuable data into a software may concern you. But, with cloud accounting software, you can be sure your data is protected. Software providers like Xero, consider security and data protection to be a main priority, putting measures in place to ensure your banking data and account is safely stored.
Although the cloud can be accessed by multiple users, as a business owner, you are in control of who can see data and how much access a person can gain. This way you can be sure your financial data is only being viewed by those who need to see it and are trusted by your company.
At Tree Accountancy we are accredited partners with Xero, QuickBooks, and Sage. Our team have extensive knowledge of and experience with cloud-based accounting software, meaning we can provide you with the support you need to get set up and manage your accounts via the cloud. To speak with our team of experts today and to begin reaping the benefits of cloud accounting, get in touch.